A major Denver economic development win — the new SMA Solar Technology manufacturing plant in Stapleton — was recognized as the “deal of the year” today by the Metro Denver Economic Development Corporation. The award was presented to SMA Solar Technology today during MDEDC’s Sixth Annual Report to Investors and Awards Luncheon.

The MDEDC’s Deal of the Year Award recognizes a company that has created the largest economic impact to the region through new job creation and capital investment.

SMA Solar Technology, a German-based manufacturer of solar inverters, announced last year that it is opening its first North American manufacturing site in Denver. The 153,000-square-foot production facility, located at Stapleton's Enterprise Park, will be the largest solar inverter production facility in the United States and SMA’s first manufacturing plant outside of Germany. Solar inverters convert the DC current created by solar devices into the AC current needed for the power grid. Production is expected to start in the summer of 2010 with 300 employees and a capacity to expand to 700. SMA Solar Technology's U.S. expansion will have a total capital investment of approximately $10-15 million over the first five years of operations.

“Our office is extremely proud to have played a role with the State, region and other partners to boost job creation by attracting the world’s leading manufacturer of solar inverters,” said André Pettigrew, executive director of the Denver Office of Economic Development. “In addition to being recognized locally through today’s award, this deal has certainly garnered the attention of other renewable energy companies and economic developers nationwide and abroad.”

The Denver Office of Economic Development led the City’s efforts in developing a package of incentives totaling nearly $600,000 that were coupled with incentives from the State to help attract the company. Through the OED Business Incentive Fund, the City will provide $455,000 in direct business incentives to support job creation. OED also is leveraging its allocation of federal workforce development funds to offer SMA wage subsidy support as well as assistance with employee recruitment through the Denver Workforce Center at Stapleton Plaza.

The Denver Office of Economic Development is dedicated to advancing economic prosperity for the City of Denver, its businesses, neighborhoods and residents. Working with a wide variety of community partners, OED operates to create a local environment that stimulates balanced growth through job creation, business assistance, housing options, neighborhood redevelopment and the development of a skilled workforce.

Posted on Tuesday, May 18, 2010 (Archive on Monday, January 01, 0001)Posted by kpellegrin Contributed by kpellegrin